(UPDATE) Gunmen kidnap Korean businessman in ZamboSibugay

MANILA, Philippines (Xinhua) - A group of armed men kidnapped a young South Korean businessman in Kabasalan town in the southern Philippine province of Zamboanga Sibugay on Thursday night, a military official said today.

Captain Franco Suelto, spokesman of the Philippine Army's 1st Infantry Division, identified the victim as Li Pei Zhel, 18, who operates a general merchandise shop in Kabasalan town.

Suelto said the victim was seized by four suspects armed with higher-powered firearms at around 6 p.m., Thursday.

The gunmen dragged the victim to a multi-cab van, and then fled towards the coastal village of Timuay Tanda where he was transferred to a motorized pump boat.

The military said it could not confirm whether the rogue group Abu Sayyaf, which has been involved in kidnappings in southern Philippines, was behind the abduction. Suelto said military operations are underway to rescue the victim.